Journalize the Following Selected Transactions Completed During the Current Fiscal

question 72

Essay

Journalize the following selected transactions completed during the current fiscal year:
Mar. 4 The board of directors of New Town, Inc. declared a stock split that reduced the par of common shares from $100 to $20. This action increased the number of outstanding shares to 500,000.
26 Declared a dividend of $1.75 per share on the outstanding shares of common stock.
Apr. 5 Paid the dividend declared on March 26.
Nov. 1 Declared a 5% stock dividend on the common stock outstanding the fair market value of the stock to be issued is $25).
Dec. 1 Issued the certificates for the common stock dividend declared on November 1.

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Definitions:

Transportation of Property

The process of moving goods or possessions from one location to another, often involving logistical planning and legal considerations.

Constructive Possession

Refers to the legal doctrine where an individual is deemed to possess something, even if they don't physically have it, due to their power or intention to control it.

Present Intent

Present intent is a legal term referring to a person's immediate intention or determination to perform a particular act or to enter into a contract at the current moment.

Delivery

The process of transferring goods from one party to another.